Binance Chain Statistics

Binance Chain Statistics Binance Chain Statistics

BINANCE CHAIN

06.01.2020

STATISTICS OF TRANSACTIONS AND ASSETS

CHRISTIAN OTT

AUTHOR

Introduction

It was in early 2019, when Binance announced the creation of a native blockchain for their ecosystem. Their goal was to launch a platform that can handle very large loads and is perfectly suited to exchange assets. Today, Binance Chain has been live for nearly 9 months, with block 1 created in April 2019. It has witnessed rapid growth ever since with the onboarding of over 100 assets and close to 50 million transactions. In this article, I will present aggregated statistics on Binance chain transactions and assets.

Transaction Growth

Let’s look at the transaction growth first. In the second quarter of 2019, Binance Chain already had a total of 3.2 million transactions. This number went up significantly higher in Q3 2019, with a total of 20.7 million transactions. It also increased in Q4, when the total number of transactions rose by another 15% to a total of 23.7 million transactions. As a comparison, the Ethereum network had 59.6 million transactions in Q4 2019.

You might ask: How can a new platform like Binance Chain already have a transaction number as high as 40% of Ethereum’s transactions in Q4 2019? Well, Binance Chain has a unique feature, which is on-chain orders. Every time an order is placed or canceled on Binance’s decentralized exchange, it is logged in a transaction on Binance’s blockchain. 95% of the transactions on Binance Chain in 2019 were on-chain orders, which were either “place order” (63%) or “cancel order” (32%). Just around 5% of the total of 47.5 million transactions in 2019 were transfer transactions.

Binance Coin is by far not the only asset on Binance Chain. Since its inception, an increasing number of assets have been issued on Binance Chain. From just 7 assets issued in April 2019, the mark of 100 assets issued was already broken in July 2019. Until the end of 2019, there have been 172 assets issued on Binance Chain. However, some of them were burned completely afterwards and don’t appear in the explorer under the list of assets anymore. That’s possible due to Binance Chain’s native “burn” transaction type, which has already been used 60 times by different coins and tokens in 2019. Talking about listings on Binance DEX, this number expectedly correlates with the number of issued assets, even though it shows, that not all issued assets were listed on the DEX.

22991112121CUMULATIVE NUMBER OF LISTINGS OVER TIME:212335260CUMULATIVE NUMBER OF BURN TRANSACTIONS OVER TIME:Apr.2019Jun.2019Aug.2019Oct.2019Dec.2019784145166172CUMULATIVE NUMBER OF ISSUED ASSETS OVER TIME:GROWTH OF CHAINBINANCE CHAIN

Assets

Let’s take a closer look at the assets on Binance Chain. To measure the adoption of an asset, I like to consider the amount of holders of at least 100 USD of this particular asset. It is better than the total amount of holders, since it ignores addresses with just tiny amounts of a token, whereas an amount of 100 USD is also small enough to not only focus on whales. At the end of 2019, RUNE had the most addresses with a balance of above 100 USD on Binance Chain with 1,056 addresses. It was also the only token with more than 1,000 addresses above a 100 USD balance. Second spot went to CAS with 894 addresses, while BOLT was placed third with 787 addresses. The ranks 4 to 8 belonged to MTXLT, ONE, CHZ, FTM and CRPT and were relatively close with around 650 addresses. On number 9 we can find RAVEN, which had 483 addresses above 100 USD.

However, to not only measure adoption of assets but also usage of the chain, I analyzed the assets that caused the most transactions on Binance Chain as well. Please note that this list excludes the “cancel order” transaction type, since the explorer doesn’t attribute this transaction type to particular assets. With 5.2 million transactions and therefore accountable for 16% of all transactions on Binance Chain, DEFI has the number one spot in this category. It is followed by UND (1.37M transactions), USDSB (1.28M), COS (1.16M), CBM (1.06M), NEW (921K) and ARN (915K). The other assets on Binance Chain combine for 63.4% of all transactions. Interesting side note: The top assets by transaction type differ completely from the top assets by addresses with a balance over 100 USD per asset.

As the native token of the chain, BNB is excluded from the list of transactions by asset, since it is involved in every transaction. I also had to exclude it from the list of addresses with a balance of over 100 USD for a particular asset, since the Binance Chain Explorer doesn’t display more than 1500 addresses in a rich list per asset. However, in a past analysis I did a few months ago, there were around 10,000 addresses holding BNB worth 100 USD or more.

DEFI16%CBM3.3%USDSB3.9%ARN2.8%COS3.6%OTHERS63.4%UND4.2%NEW2.8%PERCENTAGE OF TRANSACTIONS PER ASSET (WITHOUT BNB):RAVEN483CRPT619FTM647CHZ656ONE664MTXLT686BOLT787CAS894RUNE1056ADDRESSES WITH A BALANCE OVER 100 USD PER ASSET:STATISTICS PER ASSETBINANCE CHAIN

Wrap-up

This article discussed several statistics of Binance Chain. Since its launch in Q2 2019, Binance Chain has executed close to 50 million transactions. 95% of those transactions are on-chain orders on Binance DEX, 5% are transfers of assets. Throughout 2019, the number of assets issued on Binance Chain increased to 172. 30 of those assets have over 100 addresses holding 100 USD worth of that asset, while 13 assets combine for 50% of all transactions on Binance Chain. All in all, Binance Chain has been successfully onboarding assets and users in 2019 and it will be exciting to watch its further growth in 2020.